We have an unusual problem here, in Glendale.
We have very few homes to sell. As of this morning we have 143 single family homes on the market for the entire city of Glendale. That is crazy low inventory.
Now, many of you want to believe this is because we are economically stable, as a city. Our citizens are employed and we were too smart to get fooled by those sub-prime mortgages. And, that might be true.
But, I get the foreclosure reports
463 homes are in the pre-forclosure stages or are about to be auctioned off “on the courthouse steps”. There is more pain in our city than you might guess and it is going to take years for things to “go up”.
Meanwhile, there are people in financial trouble- they are in the pre foreclosure process or they are draining their savings to make the mortgage- hoping that tomorrow will be better and something will happen to allow them to stay in their home.
It is possible… but I find that “hope” is a bad business plan.
You need to take action now
- The Mortgage Forgiveness Debt Relief Act expires this year
Enacted in 2007, the Mortgage Forgiveness Debt Relief Act meant that any debt forgiven by a bank as part of the short sale would not be counted as taxable income by the IRS
This act expires at the end of 2012. If it is not renewed, forgiven debt would be added to the home seller’s income and taxed!
No one can know, for sure, if this act will be extended, so it is better to sell now
- And Then There are The Interest Rates
The Federal Bank has indicated that they will keep the short term interest rate at near zero for two more years. This is important because it takes two years after a short sale for your credit to recover enough to buy a home.
If you short sell now there is a very good chance you be able to buy a new home while interest rates at these historic lows.
Deciding to short sell your home is a difficult process and there is much bad and fraudulent information out there.
Click the button below for a simple but informative web based tutorial on the short sale process. I give you clear and easy directions on what you should do and who you should go to for counsel.
I don’t ask for any registration to view the tutorial and, if you choose to talk to me, your information will be absolutely confidential.
Click the button above. I look forward to helping.